What Does ‘Tax the Rich’ Actually Mean?

NerdWallet will be defining some of the slogans and catchphrases that are appearing in campaign ads and coverage in the weeks leading up to the midterm elections. This is the first in the series.

“Tax the rich” is one of the easiest slogans to get behind as a voter. It’s simple and repeatable. There’s no jargon. Its message is populist, and ‘the villain’ is clear. It’ll fit on a bumper sticker.

It’s a phrase that frequently comes out of candidates’ mouths — typically Democrats’ — and this campaign season is no exception. But when it comes down to brass tacks, what does it really mean?

The simplicity of “tax the rich” also lends itself to its biggest weakness. Who are “the rich?” Are we talking billionaires? Millionaires? People with incomes over $250,000? Were they born with a silver spoon, or did they bootstrap their way to the top?

In other words, “tax the rich” can mean taxing your income, what you own and what you inherit, and the dollar amount that triggers the tax can also be quite different.

Judging by candidates on the 2026 campaign trail, those definitions can sprawl. Take New York state Sen. Jabari Brisport (D, WF-Brooklyn). His platform says he wants to “tax the rich.” He also wants to change New York’s income-tax structure, amending the state constitution to allow for a tax on wealth, as well as creating an heirs’ tax.

When you break the proposals down even further, he’s advocating for:

Tax the rich: Brisport’s proposal would make New York state’s income-tax system more progressive by adding new and higher tax brackets for the wealthiest residents. He has supported legislation that calls to make these changes a permanent fixture in New York’s tax structure.
Tax on wealth: Brisport supports amending the New York State Constitution to allow a direct tax on accumulated wealth, particularly intangible financial assets held by the most wealthy residents. But he does not name a single dollar threshold for what constitutes “wealthy” in this context.
Heirs’ tax: Brisport supports taxing inherited wealth, which his campaign says would affect only the top 1% of inheritances and would apply only to the portion of an inheritance that’s above $250,000. The legislation he sponsored would start at 5% on the amount between $250,000 and $500,000, rising to 15% between $500,000 and $1 million, 30% between $1 million and $2 million, 40% between $2 million and $10 million, and 50% above $10 million.

Brisport’s multiple proposals under the “tax the rich” umbrella highlight the complexity behind the slogan.

In California Rep. Ro Khanna, a Democrat, supports taxing billionaires on their wealth and loans backed by that wealth. He also wants to raise taxes on large estates, corporations and stock buybacks, while closing tax loopholes such as carried interest. He would also require those earning more than $400,000 to contribute more to Social Security.

Washington offers a different version: The state has no broad individual income tax, but in March 2026 lawmakers enacted a 9.9% tax on individual income above $1 million. The tax is set to begin in 2028, but a measure to repeal it is on the ballot in November.

Here are some of the other approaches candidates are taking in the midterms.

A higher tax on investment income

In Texas, Democratic U.S. Senate candidate James Talarico supports raising taxes on income and capital gains for wealthy Americans. He would also close the “buy, borrow, die” loophole — a strategy that allows people to hold appreciated assets and borrow against them in order to potentially pass them on to heirs without anyone having to pay capital-gains income tax.

Payroll taxes on top earners

Democrat Hallie Shoffner, who is running for the U.S. Senate in Arkansas against Republican Sen. Tom Cotton, supports lifting the Social Security contribution cap on the wealthiest earners, which would subject more of their income to the payroll tax. Shoffner has not specified what the contribution cap would be. The current 2026 taxable maximum is $184,500

A tax on a luxury asset

Earlier this year, New York state Sen. Andrew Gounardes (D-Brooklyn) supported a tax on high-worth second homes, known as a pied-à-terre tax. The state law, which passed on May 28, targets New York City homes valued at $5 million and higher that are not a primary residence.

Gounardes also sponsored a bill to raise the income tax rate from the current 10.3% to 10.8% for incomes between $5 million and $25 million, and from 10.9% to 11.4% for those with incomes above $25 million. (As mentioned above, Brisport supports the legislation, which is part of his broader “tax the rich” platform.)

How to learn more about what you’re voting for

“Tax the rich” can mean taxing what you earn, what you own, what you inherit and more. What triggers the tax can be different, too. To find out more about what’s on your ballot, start with your state or local election office. The U.S. Election Assistance Commission and Can I Vote both provide directories linking voters to official state election resources. You can also find out what positions candidates are taking using VOTE411 from the League of Women Voters.

(Photo by David Dee Delgado/Getty Images News via Getty Images)